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The main purpose of this document is to subordinate the lease to the deed of trust or mortgage (if applicable), and have the tenant agree to be bound by the lease to a new owner in the event of foreclosure.
Not all do, but it's wise to include it, especially if you're renting in a building with historical risks of foreclosure. It adds an extra layer of security for your tenancy.
Non-disturbance means that even if the property is sold, you won't be kicked out as long as you're following the lease terms. Your business can keep running without interruptions.
Having this agreement helps protect your rights as a tenant if the landlord faces financial trouble and the property is sold to a lender. It ensures you can keep your lease intact.
It's a legal document that outlines the relationship between a tenant, a landlord, and a lender, making sure everyone's rights are respected if the property changes ownership.
Without this agreement, your lease could be at risk if the property is sold or the lender takes over. You could find yourself in a sticky situation where your rights aren’t guaranteed.
Not quite! Your lease stays in place, and the lender can't change the terms once the agreement is in effect. You're safe as long as you follow the lease rules.
Non-disturbance means that as long as you keep your end of the lease, the new owner can't kick you out just because they bought the property. Your rights remain protected.
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Fort Worth Texas Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan